Canara Robeco Settles Mutual Fund Rule Violation Case With SEBI

Canara Robeco Asset Management Co. resolved a matter with Securities and Exchange Board of India concerning an alleged breach of mutual fund regulations by paying Rs 84.82 lakh as settlement fees. The issue involved offsite monitoring of the mutual fund from April 2020 to March 2021.

This came after the asset management firm filed an application with the markets regulator proposing to settle the proceedings initiated against it for the alleged regulatory violations, "without admitting or denying the findings of facts" through a settlement order.

"In view of the acceptance of the settlement terms and the receipt of settlement amount by SEBI, the instant adjudication proceedings initiated against the noticee (Canara Robeco) vide SCN (show cause notice)... dated October 14, 2022 is disposed of in terms of the Settlement Regulations," SEBI said.

In its show-cause notice, SEBI had alleged that Canara Robeco AMC violated mutual fund norms.

(With inputs from PTI)